News Release

Vancouver – The BC Securities Commission (BCSC) has banned two people from British Columbia’s investment market following findings by other authorities that they committed misconduct in separate, unrelated cases.

The permanent bans were imposed by a BCSC panel on Hope Moira Donna Thomas and Johny Panyavong.

Thomas’s ban resulted from a previous finding by the Canadian Investment Regulatory Organization (CIRO), a self-regulatory body for the investment industry, that she had misappropriated a client’s funds for her own use.

Thomas, while registered in B.C. as a dealing representative with CIBC Securities Inc., processed the opening and funding of a tax-free savings account (TFSA) for a CIBC client. About a year after the account was opened, Thomas opened a bank account with overdraft capability in the client’s name, but without the knowledge or consent of the client. Then, without the client’s knowledge or authorization, she processed 12 redemptions from the TFSA totaling $59,000, depositing the funds into the fake account, and used a bank card to withdraw those funds, incurring an overdraft of almost $5,200. Thomas changed the client’s account statement delivery method and address to conceal the redemptions.

She also misappropriated about $34,000 from an account the client held with her spouse, and applied for and obtained bank loans and a line of credit in the client’s name, receiving $59,000 from the Bank.

Thomas used the monies she obtained for her personal use and failed to pay back or otherwise account for the funds. Thomas admitted she took the funds because the client was elderly and trusted her. In total, Thomas misappropriated approximately $157,000.

CIRO banned her from conducting securities-related business, imposed a $300,000 fine and $10,000 in costs.

The ban on Panyavong resulted from his guilty plea in B.C. Provincial Court in Surrey to theft and using forged documents. The court found that Panyavong misused $40,000 that he solicited from a B.C. investor in 2016 for investment in a Surrey real estate development.

Panyavong used the bulk of the investor’s funds to pay personal expenses, and the development never materialized. When asked about the status of the investment, he showed the investor forged financial documents. Despite pressing for the return of the $40,000 and the profits that had allegedly accrued, the victim only recovered $10,000.

Panyavong was arrested in Ontario in 2019 on Criminal Code charges resulting from an investigation by the BCSC’s Criminal Investigations Branch. He was sentenced to 18 months of probation after receiving credit for 15 days of time served in jail, and was ordered to pay $30,000 in restitution to the victim.

With both Thomas and Panyavong, the BCSC ordered that they resign from any position they hold as a director or officer of an issuer or registrant, and prohibited them from;

• Trading in or purchasing any securities or derivatives, except for accounts in their own names, and done with a person registered to trade in securities if they first provide that person with a copy of the order
• Becoming, or acting as, a director or officer of any issuer or registrant
• Becoming, or acting as, a registrant or promoter
• Advising or otherwise acting in a management or consultative capacity in the securities or derivatives markets
• Engaging in promotional activities by, or on behalf of, an issuer, security holder or party to a derivative, or on behalf of someone who would reasonably be expected to benefit from the promotional activity, or on their own behalf, and
• Relying on any exemptions in the Securities Act.

About the BC Securities Commission (www.bcsc.bc.ca)

The BC Securities Commission, an independent provincial government agency, strives to make the investment market benefit the public. We set rules, monitor compliance by industry, take action against misconduct, and provide guidance to investors and industry. As guardians of B.C.’s investment market, we’re committed to maintaining a market that is honest, fair, competitive and dynamic, enabling British Columbians to thrive.

Media Contact:
Brian Kladko
604-899-6713

Public inquiries:
604-899-6854 or 1-800-373-6393 (toll free)
inquiries@bcsc.bc.ca

Learn how to protect yourself and become a more informed investor at www.investright.org